Michele Bachmann: “I just wanted to focus for context purposes, to begin with, on what the President has demonstrated thus far that his…”

“I just wanted to focus for context purposes, to begin with, on what the President has demonstrated thus far that his understanding of economics has been when he had been in the United States Senate. He was an advocate for the $700 billion bailout of the banks and the financial meltdown. All through the 1990s and then in the early 2000s, there were continual bailouts that occurred. This was nothing new. This is yet one more bailout. They didn't work before. What they did is they laid the groundwork, the moral hazard, if you will, for the same players, the same investment banking houses on Wall Street to make very bad bets because they knew the chump would be Uncle Sam. Uncle Sam would come along and pick up the pieces if they made mistakes. What did they care. They rolled the dice. They took the risk. They risked their investors' money. And, when the deals went south, they came crawling back to Uncle Sam here in D.C., and Uncle Sam said, Sure, I will bail you out. That history was available for everyone to see. Then-Senator Barack Obama should have known about those deals.”